Nine23 Limited - Filleted accounts

Registered number

08118696

Nine23 Limited

Unaudited Filleted Accounts

30 June 2025

Nine23 Limited
Statement of Financial Position
as at 30 June 2025

Notes			2025			2024
£				£
Fixed assets
Tangible assets	4		117,785			245,181

Current assets
Debtors	5	815,202			660,602
Cash at bank and in hand		336,266			425,800
		1,151,468			1,086,402

Creditors: amounts falling due within one year	6	(419,688)			(627,374)

Net current assets			731,780			459,028

Total assets less current liabilities			849,565			704,209

Creditors: amounts falling due after more than one year	7		(374,450)			(61,073)



Net assets			475,115			643,136

Capital and reserves
Called up share capital			1,023			1,023
Share premium			509,323			509,323
Capital redemption reserve	8		302			302
Profit and loss account			(35,533)			132,488

Shareholders' funds			475,115			643,136

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.



Mr S McKean
Director
Approved by the board on 16 December 2025

Company registration number:		08118696

Nine23 Limited
Notes to the Accounts
for the year ended 30 June 2025


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the supply of services is recognised on the percentage completion of the work.

	Going Concern
	The financial statements have been prepared on a going concern basis. The Directors have prepared forecasts for a period greater than one year from the date of signature of the financial statements and have a reasonable expectation that the company has adequate resources to continue in operation for the foreseeable future.

	Research and development policy
	Research and development expenditure is written off in the period in which it is incurred.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Fixtures and fittings			33% straight line
	Computer Equipment			33% straight line
	Computer equipment - Right To Use Assets			25% straight line

	Impairment of fixed assets
	A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Provisions
	Provisions (i.e. liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.


2	Profit before taxation					2025		2024
£							£
	Profit before taxation is stated after charging:

	Depreciation of tangible assets					132,933		128,854


3	Employees					2025		2024
Number							Number

	Average number of persons employed by the company					24		19


4	Tangible fixed assets
				Fixtures and fittings		Computer Equipment		Total
£					£		£
	Cost
	At 1 July 2024			15,981		558,668		574,649
	Additions			-		5,537		5,537
	At 30 June 2025			15,981		564,205		580,186

	Depreciation
	At 1 July 2024			15,483		313,985		329,468
	Charge for the year			453		132,480		132,933
	At 30 June 2025			15,936		446,465		462,401

	Net book value
	At 30 June 2025			45		117,740		117,785
	At 30 June 2024			498		244,683		245,181


5	Debtors					2025		2024
£							£

	Trade debtors					164,583		198,325
	RDEC receivable					66,402		-
	Other debtors					584,217		462,277
						815,202		660,602


6	Creditors: amounts falling due within one year					2025		2024
£							£

	Bank loans and overdrafts					81,828		36,739
	Obligations under finance lease and hire purchase contracts					24,431		-
	Trade creditors					79,386		41,408
	Taxation and social security costs					142,673		109,725
	Other creditors					91,370		439,502
						419,688		627,374

	On 30 September 2020 a Coronavirus Business Interruption Loan of £132,184 was obtained. This is repayable over 60 months and bears interest at 8.9%. At 30 June 2025 a total of £9,705 (2024: £49,361) remains outstanding of which £9,705 (2024: £36,739) is included in bank loans and falls due for repayment within one year.

	On 4 December 2024 a loan of £406,000 was obtained. This is repayable over 60 months and bears interest at 7.55% and is secured by a fixed and floating charge over the assets of the company. At 30 June 2025 a total of £371,880 remains outstanding of which £72,123 is included in bank loans falling due for repayment within one year.

7	Creditors: amounts falling due after one year					2025		2024
£							£

	Bank loans					299,757		12,622
	Obligations under finance lease and hire purchase contracts					62,290		-
	Other creditors					12,403		48,451
						374,450		61,073

	On 30 September 2020 a Coronavirus Business Interruption Loan of £132,184 was obtained. This is repayable over 60 months and bears interest at 8.9%. At 30 June 2025 a total of £9,705 (2024: £49,361) remains outstanding of which £ Nil (2024: £12,622) is included in bank loans and falls due for repayment after more than one year.

	On 4 December 2024 a loan of £406,000 was obtained. This is repayable over 60 months and bears interest at 7.55% and is secured by a fixed and floating charge over the assets of the company. At 30 June 2025 a total of £371,880 remains outstanding of which £299,757 is included in bank loans falling due for repayment after more than one year.

8	Capital redemption reserve					2025		2024
£							£

	At 1 July 2024					302		1
	Cancellation of subscribed capital					-		301

	At 30 June 2025					302		302


9	Events after the reporting date

	On 21 August 2025 the company issued 426 B Ordinary shares of 10 pence nominal value.


10	Loans to directors
	Description and conditions	B/fwd	Paid			Repaid/ written off	C/fwd
£			£		£		£
	Mr S McKean
		280,493		187,594		(70,000)		398,087

		280,493		187,594		(70,000)		398,087

	The loan made to Mr S McKean was interest free and repayable on demand.

11	Share based payments

	624 EMI share options were granted during 2021 at an exercise price of £6.60 per share. None of these options have vested at the balance sheet date.


12	Controlling party

	The company was under the control of Mr S McKean throughout the current and previous year.


13	Other information

	Nine23 Limited is a private company limited by shares and incorporated in England. Its registered office is:
	2 Venture Road
	Southampton Science Park
	Southampton
	Hampshire
	SO16 7NP